22. Why do you think shareholders from target companies enjoy an average gain when acquired, while acquiring shareholders often do not gain anything? 23. What is the typical stock price reaction to an SEO? 24. Why should a financial manager be concerned about under- pricing in an SEO how can this problem be minimized through a right issue? 25. Your robotic automation startup, Kela Controls, has raised capital as follows: Funding Round Pre-Money Post-Money Series A $8 million $12 million Series B $25 million $40 million Series C $100 million $150 million .. How much did Kela raise in each round? b. Assuming no other securities were issued, what fraction of the firm's shares were held by common shareholders (founders and employees) after each round? What is the distribution of ownership across each security after the Series C financing? d. If the firm is ultimately sold for $500 million, what multiple of money did each series earn? What will founders and employees receive? (Assume all preferred shares convert to common.)